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Profit taking drives VN-Index down

Phuong Thao
Wednesday,  Aug 9,2017,23:58 (GMT+7)
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Profit taking drives VN-Index down

Phuong Thao

HCMC – The local stock market saw profit taking pressure soaring on August 8 after a three-day winning streak, sending the VN-Index down 1.41 points, or 0.18%, at 791.57.

There were 19 stocks in the VN30 basket falling while 10 others increased. Notably, sugar stock SBT plunged to the floor price for the second straight day, closing at VND33,850 a share on matching volume of 545,000 shares.

Another sugar stock BHS, which is going to be merged into SBT, also dropped to the floor price of VND20,300 per share with over 4.9 million shares exchanged. According to vietstock.vn, the two enterprises have declined sharply in recent sessions because many securities firms have stopped giving them margin lending service as BHS’s delisting date is nearing.

In the banking sector, BID rose a slight 0.4% and VCB gained 0.9% while CTG, MBB and STB closed in the red. Brewer SAB, the second biggest stock on the HCMC bourse for market capitalization, added 1.6% but with modest transaction volume.

Meanwhile, dairy firm VNM led decliners for losing 1.1% on matching volume of 1.2 million shares. Other blue chips like insurer BVH, technology company FPT and fertilizer producer DPM also decreased.

Among speculative and small stocks, financial group OGC hit the upper limit with 13.2 million shares changing hands. Securities stocks AGR, TVS and BSI also went up to the ceiling prices.

The HNX-Index dipped 0.12% at 102.28 with turnover on the Hanoi market tumbling around 26% to VND654 billion. In the banking sector, ACB closed unchanged while SHB declined 1.2%.

Many speculative stocks hit the ceiling prices, in which petroleum construction firm PVX took the lead for liquidity with 14.7 million shares. KLF, a trading and food service enterprise, was the second most actively traded stock with nearly 7.2 million shares traded.

Foreigners stayed on the buying side, net buying over VND106.5 billion on the HCMC market and VND9.6 billion on the Hanoi exchange.

BIDV Securities Company, noting that the VN-Index failed to approach the 800-point peak on August 8, said selling pressure is expected to pile up on August 9, prompting the main index to correct further and test the supporting level of 790 points again. Therefore, investors are advised to acquire stocks with good fundamentals during falling sessions.

Bao Viet Securities Company said that pillar stocks are still giving support to the market. However, the VN-Index may fluctuate strongly in the next few days as it is hovering around new highs.

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